Currency Strength and Weakness for Friday 1st November 2013

[Andrew Mitchem]

Hi Traders,

I held a live trading room webinar last night NZT for my clients in which I took several live trades.
4 out of 5 x H1 chart trades hit full profit, 2 out of 3 x 5 minute charts trades hit full profit and 1 out of 1 x H4 chart trade hit full profit. If the risk on each of these 9 trades was just 0.5% there was a +5% account gain to be made.

The clocks change this weekend in the US which will mean that from next week the D1 charts will change over 1 hour later for those living outside of the US.

There is a public holiday in France and Italy today but that is unlikely to affect the EUR.


I make my suggestions every day based on where I see the market heading over the next 24 hours. Use my analysis below to aid your trading and to help you keep on the right side of the market.

My suggestions are posted by 6pm EST each day.


Overall there is strength in USD, GBP, CAD and JPY.

Overall there is weakness in the EUR, CHF and AUD.



Trading Directions I am favouring for the next 24 hours


Buy Trades - GBP/AUD, GBP/CHF, USD/CHF, CAD/CHF

Sell Trades - EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD, EUR/CAD, CHF/JPY, AUD/USD, AUD/JPY, AUD/CAD, USD/CAD, XAG/USD


VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given below. Use your own trading strategy and look at taking setups that occur in the same direction as my daily analysis. If you don't have your own trading strategy then email me here for help.


Here's something to help you trade with low risk:
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Have a fantastic weekend.
Andrew

---

- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

 

[Laurie Gold]

Hi Andrew; I have been following your posts for about a month now and I like your methodology. That said, I am little confused about the buy trade for AUDCAD since you stated the CAD is strong and the Aud weak, should that be a sell trade?

Thanks

 

[Andrew Mitchem]

Hi Andrew; I have been following your posts for about a month now and I like your methodology. That said, I am little confused about the buy trade for AUDCAD since you stated the CAD is strong and the Aud weak, should that be a sell trade?

Thanks

Hi Laurie,

Thanks for pointing this out. I edited the page about 5 minutes ago once I realised my mistake. Please refresh your page and there should be a sell bias for that pair for today showing.

---

- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

 

[yetiman]

Hi turtle360, just as a supportive thought for you it sounds like a little panic has entered your mindset and trading and no stop is quite risky and hinting towards a revenge trade. Maybe revisit your trading plan?
cheers Brian

 

[yetiman]

no worries I know too well that it's frustrating at times

 

[Red Herring]

Thanks Andrew for the forecast.
I am on the AUDJPY
Cheers

 

[Prof8]

Nice early finish to the week with a win on the EUR/JPY... Good luck everyone...

 

[Prof8]

Let me expand. It's very nice there are so many happy, winning traders out there. Full disclosure:I am not one of them. I never hear anyone declare anything except they made this, they made that. Well, for that one other laboring trader out there who finds this enterprise a struggle (that's right, breaking news, the forex trading success rate is well below 100%), you're not alone. Come out of the woodwork.

You claim 7 out of 9 winning trades last night. Fine. The suggestions you offered this forum last night were flawed. I lost being long GBPJPY. I lost holding EURGBP from the day before. I got stopped out of a short AUDUSD at the high before turning back down. You were on the same side of the first two. It's a little unnerving when you claim overwhelming victory while simultaneously the quality of what you offer this forum is flawed.

All due respect, could you put a little something more on the table? How about one trade with details?

What type of trading strategy are you using? How are you using the recommendations in relation to your trading strategy?

 

[Silver Future]

Aud/usd short trade

Hello,

I went short on AUD/USD during the daily hammer can candle was being made nearly 0.9460. And, now its going up again. I fear this green candle could reverse the effect of 31st Oct's candle.

 

[Sunny Miami]

So happy!!!!!

Thanks Andrew for the forecast.
I am on the AUDJPY
Cheers

Thank you Andrew!!!! I went for the USD/JPY and got a total winning yesterday, I'm just going step by step, before going big.